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...evolving strengths of different strains of Islam in South Asia provide an important context for Qasab's tale. In 2007 the Rand Corp. suggested that such groups as Pakistan's Sufi-influenced Barelvi sect - which does not have a jihadist bent - be encouraged in order to combat extremism. But since the anti-Soviet war, Wahhabi groups, drawing their influence from Saudi Arabia's austere brand of Islam - together with the Wahhabis' South Asian counterparts, the ¬Deobandis - have gained ground in Pakistan. Soheil decries the Wahhabi focus on jihad. "Here we teach peace and love...
...State-owned companies in key industries were being encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was booming, flush with cash and full of optimism - naive optimism, it turned out. In 2005, China National Offshore Oil Corp., China's oil and gas giant, tried to buy Unocal, the American oil company, and learned just how xenophobic Washington could be: the deal was called off after strident objections from congressional leaders. Two years later, Beijing's fledgling sovereign wealth fund China Investment Corp. poured $3 billion into Blackstone...
...prime opportunity to cheaply acquire holdings of strategically important natural resources such as iron ore, copper, oil and gas - commodities China's leadership knows it will need much more of in the long run. In the past month, Chinese companies have bought assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco), a major holding company focused on resources, has announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies. If completed the deal would be the biggest foreign purchase any Chinese company has ever made. China Minmetals, another state-owned firm...
...just minerals Beijing is now frantic to buy. On March 3, China National Petroleum Corp. agreed to buy Calgary based Verenex Energy, which has a 50% stake in a huge Libyan oilfield, for $390 million. The China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator in one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the fields. In return, China will get 100,000 to 160,000 barrels of oil a day over...
...China's buying spree has, however, been selective. The United States was conspicuously absent from its global shopping itinerary. The last major Chinese bid to buy a U.S. company ended in diplomatic disaster, when the China National Offshore Oil Corp. or CNOOC offered to buy the California oil company Unocal in 2005, in a deal worth about $18.5 billion, and a backlash in Congress prompted the angry Chinese to withdraw the offer. Unocal was finally sold to Chevron. More recent Chinese investments in the U.S. have also fared badly: Beijing has lost billions in recent months from investments in Morgan...